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Caisse to build office tower in downtown Toronto

Bloomberg

Saturday, September 15, 2007 – Page B8

Caisse de dépôt et placement du Québec, Canada's biggest pension-fund manager, will build a 40- to 50-storey office tower in downtown Toronto to expand its real estate holdings in Canada's largest city. SITQ, the Caisse's office building unit, bought the land at 45 Bay St. in May, spokeswoman Amelie Plante said yesterday. She declined to say when the tower might be built or how much the project would cost. The proposed building, located across the street from the Air Canada Centre, would house about 1.2 million square feet of office space and fill a void in the Caisse's real estate portfolio. Only one of SITQ's four Toronto-area buildings is in the city's downtown core.

Old Rendering

http://i47.photobucket.com/albums/f182/JackhammerTO/45b.jpg

New Rendering

http://i12.photobucket.com/albums/a234/mark3333/45bay.jpg

Quote:

Originally Posted by Mike in TO (Post 21131)

This is not a proposal.

I received a package from CB Richard Ellis Limited back in May with that 'fantasy' rendering on it suggesting what could be done with the site. The site was for sale and to help promote the sale of the property a flashy rendering was attached to the front of the document.

I posted something on this several months ago regarding the potential density for the site, but neglected to include the fantasy rendering simply because it wasn't actually a propsed tower.

Some text from the Document distributed back in the spring:

"CB Richard Ellis Limited ("CBRE") has been retained on an exclusive basis to arrange the sale of 45 Bay Street, Toronto, a premier development site located south of Union Station on
the east side of Bay Street in downtown Toronto’s Greater Core (the “Property”). At 2.3 acres, the Property offers investors an opportunity to acquire a large, strategically located development property with outstanding access to transportation amenities and the Financial Core."

"1.2 MILLION SQUARE FEET OF DOWNTOWN DENSITY
45 Bay Street is currently zoned for approximately 1.2 million square feet of office density. The size and strategic location of the Property support a wide range of uses and unique development opportunities.

TORONTO’S NEWEST AND MOST PRESTIGOUS BAY STREET ADDRESS
Bay Street is Canada’s most prestigious professional address and headquarters to the country’s top financial and legal institutions. The Property represents an ideal opportunity to purchase one of Toronto’s premier development sites, with an enviable Bay Street address.

STRONG CONDO MARKET
Sales of high-rise condominium developments across the GTA have been trending upward year over year since 2000. In fact, builders that traditionally focused only on low-rise projects are beginning to favour high-rise development due to the shortage of low density residential sites.

DECLINING OFFICE VACANCIES AND INCREASING RENTS
After peaking at 12.0% in 3Q 2003, Financial Core vacancy rates have experienced a sharp decline due to positive leasing fundamentals. Following a 610 basis point improvement, office vacancy rates are now at lows not seen since 2001. Declining vacancy rates, positive absorption and increasing fundamentals are projected to continue.

UNPARALELLED ACCESS AND TRANSPORTATION OPPORTUNITIES
45 Bay Street offers superior transportation and access due to the Property’s strategic location. Union Station, adjacent to west, handles an estimated 160,000 train and bus passengers daily and provides access to the TTC’s University and Yonge subway lines and services the GTA’s surrounding communities. Vehicle access to the Property is also superior due to its connection to Lakeshore Blvd. and the Gardiner Expressway immediately to the south

DIMINISHING SUPPLY OF DEVELOPABLE LAND
The availability of developable land inventory across the GTA in general, and the subject Property in particular, is rapidly declining. The Province’s Greenbelt legislation has severely restricted land supply and development opportunities across the entire region. Recently completed, ongoing and planned residential and commercial development opportunities around the Property have further reduced development opportunities in the surrounding area.

HIGH QUALITY AMENITIES
Over the past several years, ongoing development in the area surrounding the Property has led to further improved amenities and services for nearby residents and tenants. With additional commercial and residential developments in the area, in conjunction with immediate proximity to the Financial Core, Entertainment District and Harbour Front all support the Property’s anticipated success under a variety of development scenarios and uses.

And more information in French

Quote:

Originally Posted by MartinMtl (Post 98313)

The article has just been posted on La Presse's public site. Here's the link:

http://lapresseaffaires.cyberpresse.ca/article/20070914/LAINFORMER/709140659/5891/LAINFORMER01

Link to SITQ: http://www.sitq.com/

interesting.
I hope we get something dramatically better than that early render ^^^^
it's got to look good on the skyline, and yet, possibly be a new landmark for the eye! :D

this one seems more like a proposal/vision than anything.... i hope i'm wrong though,

Quote:

Originally Posted by steveve (Post 5204651)

Not a vision, but a proposal. Still waiting for details of the project. You never know, they could start construction on this one tomorrow, and I wouldn't be surprised.

They own the land, and the approvals are in place. Don't think there would be much keeping this pension fund from moving forward with the tower whenever they liked.

Quote:

Originally Posted by caltrane74 (Post 5204699)

What approvals? Just because you design something within the permitted zoning requirements doesn't mean you have an instant approval.

Quote:

Originally Posted by Tony (Post 5205053)

What approvals? Just because you design something within the permitted zoning requirements doesn't mean you have an instant approval.

Sorry,mistyped. I meant the zoning was in place.

47 floors in an 800' building, must have some pretty high ceilings.

Don't forget it will have a bus terminal on the ground floors, just like the office tower in New York at the Port Authority.

:) | NEW YORK | 20 Times Square - Port Authority Bus Terminal Tower | 855 FT | 42 FLOORS

You stole that "old rendering" from me. That was a picture I took myself in the office of the architect I know who designed it.

And contrary to what "Mike it TO" says, it was a proposal. I know some of the people who were involved in the proposal myself.

That old rendering is much nicer than the new one (yuck). The old one is also clearly 1000 ft+, not 800.

That old one isn't a real rendering, it's just an example of anything going at that site when it was first slated for a highrise.

Quote:

Originally Posted by M II A II R II K (Post 5206386)

That old one isn't a real rendering, it's just an example of anything going at that site when it was first slated for a highrise.

J. Will just said that the old rendering was a real proposal. :shrug:

But then again, it doesn't appear any type of formal application has been submitted to the city for review / approval.

ALSO, the site appears to be zoned to a maximum height of 161 metres.

Oh geez. Don't be a party pooper.

If SITQ wants to build 40 to 50 storeys of office tower, with no NIMBYs and no NPS shadowing issues, do you really think the city or the OMB would turn them down?

All that tax revenue from 1.2 million square feet of office space and the Bus Terminal for the City to boot. There is no way this building is less than 200 meters, IMO. Probably between 220 and 250 to be honest.

Am I the only one who looked at the date on this proposal/vague idea ?
It says 2007 so why is it just being posted here now ? Further , if the idea popped up around 2007 isn't it safe to say that , for the time being at least , whatever is written about it other than a proper update is just somebody's best guess at what might happen on the site ?

Toronto's vacancy rate (office) dropped by 15% last year. And we did that in a year when new office towers came online in the downtown core, which itself has a vacancy rate of just 6%.

The old design is beautiful! Imagine the old rendering today with MSL/Telus. :slob:

Quote:

Originally Posted by Automation Gallery (Post 510777)

Could this be the next office tower to be proposed for Toronto :cool:......From their website

ACTIVITY REPORT
AND SOCIAL RESPONSIBILITY REPORT
2010

OFFICE CHALLENGES FOR 2011: LEASING, REPRIORITIZING AND SEEKING OUT BUSINESS OPPORTUNITIES

A number of leasing-related challenges lie in store for SITQ in the year ahead, particularly in Toronto,
several U.S. cities, Paris, Frankfurt and Düsseldorf. In addition, the Company will be readjusting its
investment portfolio to concentrate on high-quality properties in its key target markets. It will therefore
be on the lookout for business opportunities that enable it to sell certain properties to capitalize on their
appreciation in value and take advantage of select acquisition opportunities.

SITQ’s goal is to readjust its investment portfolio to concentrate on high-quality properties in key target markets.

From a development perspective, SITQ’s teams will focus on new, prime locations in its target markets where it can build high-quality properties in the coming years. There are four pending projects that are ready to be green-lighted in North America as soon as the circumstances are amenable: 45 Bay Street, in downtown Toronto, for which pre-leasing is slated to begin in 2011; 900 De Maisonneuve Ouest, in the heart of Montréal; Phase III of The Summit, in Seattle; and the second tower of Eighth Avenue Place, in Calgary, the preliminary design and infrastructure of which are already complete.

http://www.sitq.com/documents/file/publications/Rapport2010_en.pdf

Well, Well, Well.

just as i thought this one was dead... it turns out that it has a pulse after all.

Well somewhat of a pulse, SITQ might just end up selling the lot if they can't build up properties in the Toronto Market in which they will be a small player.

Might be better for them to take the profit on the land and sell it to a company that will actually be able to build it faster than they can.

:previous:I hope not. I want a quality building like the first render, not some shitty condo.

Well the property is zoned commercial.. plus there has to be a bus terminal in the base floors of the building, so that effectively rules out any condo ever being built on this site.

Speculation is that this tower, will not be built by SITQ, probably Brookfield, that already owns a large share of the office towers on Bay Street.

Any new news regarding 45 Bay Street? The tower looks awesome!

The old render is badass! Hopefully Brookfield can revive it (although doubtful)

There are about 5 Office towers in front of this project...

154 Front/43 Simcoe
BAC 2
Richmond Adelaide
Bremner
16 York.
???

I'm still hoping we see our first supertall on this site.

Yonge Street and Yorkville are working hard to make sure that doesn't happen.

Quote:

Originally Posted by Andrewjm3D (Post 5536159)

I'm still hoping we see our first supertall on this site.

So am I, as long as it's beautiful. We need a game changer down there. South of the train tracks is turning into a sea of forgettable buildings.

Quote:

South of the train tracks is turning into a sea of forgettable buildings.

So true.
This is a prime spot for building a supertall office tower that Toronto can be proud of. Then, the other 'new' buildings around it will add to the skyline, rather than just be something else to glance past.

Just when you thought all hope for a 240 meter plus office tower in Toronto had gone

Comes this:

http://www.thestar.com/iphone/news/article/1112225--landmark-bus-depot-loses-its-lustre?bn=1

ah so that's the building here - http://binged.it/z05ikZ

doesn't look like much else on the block is anything special that couldn't be redeveloped

Quote:

Originally Posted by caltrane74 (Post 5541851)

Just when you thought all hope for a 240 meter plus office tower in Toronto had gone

Comes this:

http://www.thestar.com/iphone/news/article/1112225--landmark-bus-depot-loses-its-lustre?bn=1

The article says that the building would be open on time for the Pan Am Games, that isn't that long from now if it goes through

No, I don't think that is going to happen. This building is at least 5 years off, in the best case scenario.

http://www.thestar.com/article/1118051--new-office-towers-have-changed-the-face-of-toronto

New office towers have changed the face of Toronto

Christopher Hume
Jan 20, 2012

Quote:

Toronto is on a roll. At least, its architecture is. Not only are new office towers finally appearing on the skyline, they are doing so with unusual aplomb.

There are exceptions, of course, but the city has been transformed by a series of glass skyscrapers that remind us just how much life remains in a form that now goes back a long way....

Thanks for posting that!!

Any more news on this one? It seems to have gone quiet.

Quote:

Originally Posted by DrNest (Post 5882416)

Any more news on this one? It seems to have gone quiet.

Posted on October 9th over at UrbanToronto:

Quote:

Ivanhoe mulling development of prime Toronto site: sources

A prime Toronto site, held quietly for years by owner Ivanhoe Cambridge Group as an empty parking lot, is now on the “front-burner” for development, multiple real-estate sources say.

In recent months, the real-estate arm of the Caisse de dépôt et placement du Québec has been discreetly promoting the site at 45 Bay St. to industry, fueling speculation that a mixed commercial project with more than one million square feet of office space could be in the works for 2017.

“They’re more active on the site than they’ve been in years,” one real-estate source said.

.....

In the publication, Tresham said Ivanhoe Cambridge’s plan is to develop 45 Bay St. as a “one- to 2-million-square-foot office complex, perhaps with retail and multi-family components.”

Still, Ivanhoe Cambridge has yet to sign an agreement with an anchor tenant for the office development.

Ivanhoe Cambridge called 45 Bay St. one of many opportunities in the development pipeline.

http://www.montrealgazette.com/busin...059/story.html

Cool, I thought this site would remain a parking lot for many more years. To be honest I know very little about Montreal developers.

There have been rumblings that this might be a major announcement in the coming months. No idea how accurate they are though.

Any news on this one?

Probably a long way off. Too many buildings to fill in the next few years.

Especially since its an office building, and the office market hasn't been growing as vigorously as the residential one.

Forget about these little commercial towers. I'd prefer all big office towers instead. Just lump these small ones together into a super tower.

Quote:

Originally Posted by travis3000 (Post 6191588)

Forget about these little commercial towers. I'd prefer all big office towers instead. Just lump these small ones together into a super tower.

It would be nice. For the most part, developers compete with one another rather than commit to a single large idea.

I don't see anything happening with this project until the next cycle. Also a Toronto based developer instead of the out-of-towers that currently own the lot might push things along a little further.

Can you imagine if Brookfield, Menkes, Cadillac Fairview, Oxford, Allied Properties, or Rio-Can owned this site? Even the BC group currently building Southcore Financial would be better than these guys.

I thought I saw something about plans for the new bus terminal and an office tower here as a side link to the news item I was reading whilst I was out browsing on my phone. Now that I'm home I can't find anything on it again. Anybody else see something? I think it was on the CP24 website I was looking at.

From Androiduk at UT:

Quote:

Application: Zoning Review Status: Not Started

Location: 45 BAY ST
TORONTO ON

Ward 28: Toronto Centre-Rosedale

Application#: 14 203584 ZPR 00 ZR Accepted Date: Aug 8, 2014

Project: Non-Residential Building New Building

Description: To construct a 48 Storey office building with mechanical penthouse above; and bus terminal at street level.

Quote:

Application: Zoning Review Status: Not Started

Location: 45 BAY ST
TORONTO ON

Ward 28: Toronto Centre-Rosedale

Application#: 14 203589 ZPR 00 ZR Accepted Date: Aug 8, 2014

Project: Non-Residential Building New Building

Description: Build structures for park above rail corridor on east side of Bay St

Quote:

Application: Zoning Review Status: Not Started

Location: 141 BAY ST
TORONTO ON M5J 1J5

Ward 28: Toronto Centre-Rosedale

Application#: 14 203592 ZPR 00 ZR Accepted Date: Aug 8, 2014

Project: Non-Residential Building New Building

Description: To construct four storey building to connect with Bay St East Teamway & to elevated park to south.

And here it is:cool:

Quote:

Originally Posted by waterloowarrior (Post 904964)

45 Bay
Toronto, Canada

Hines serves as development manager for 45 Bay, a 50-story, 1,300,000-square-foot office tower that will be located in Toronto, Canada. The project will also include a retail podium and a three-story, below-grade parking garage.

The eight-acre site is located across the street from Union Station, and is close to the Air Canada Center, home of the Toronto Maple Leafs and Toronto Raptors.

SUMMARY

Address
45 Bay
Toronto, Canada

Location
Located in downtown Toronto across the street from Union Station

Hines' Role
Development Manager

Net Rentable Area
Office:
1,300,000 sq. ft.
(120,770 sq. m.)

https://farm4.staticflickr.com/3909/14861080601_d9a03a63df_o.png

http://www.hines.com/property/detail.aspx?id=2498

Quote:

Originally Posted by waterloowarrior (Post 904966)

https://farm4.staticflickr.com/3867/14677549848_3c0151d480_o.jpg

from http://www.hines.com/toolkit_images/Project%20Photos/45%20Bay/WEA-Rendering-3_hres_web.jpg

Quote:

Originally Posted by waterloowarrior (Post 904968)

https://farm6.staticflickr.com/5560/14841197306_6043a3e0d7_o.jpg

http://www.hines.com/toolkit_images/Project%20Photos/45%20Bay/WEA-Rendering-1_hres_web.jpg

Thanks to waterloowarrior @ UT

Aw no supertall :c
Loving the new design, it's incredibly unique!
Still a great proposal though!
Q: Is that green space I see inside the towers? If so, then I think that would be a first in Toronto for that; at this height.
The tallest of the towers appears to be 5-10 metres taller than TD Canada Trustin the render.